Section 179 depreciation is a tax incentive developed by the IRS in the USA to encourage businesses, particularly small businesses, to invest in new equipment.
It allows businesses to deduct the cost of qualifying equipment and property in the year it is placed in service, rather than depreciating it over its useful life.
The deduction limit for Section 179 depreciation in 2022 is $1,080,000, and there is a spending cap of $2,700,000 on equipment purchases.
This incentive provides immediate tax benefits for businesses and helps them save on their tax liabilities.
Yes, AssetAccountant fully supports the Section 179 IRS tax incentive for USA based fixed asset entities and registers.
